INDIA
JSW joint venture will be finalised within weeks: Rajeev Chaba of MG Motor India CNBC
India seeks to expand partnership with South Korea in new areas like critical technologies, semiconductors: Jaishankar WAF Continue reading “WAF Auto News | The Auto World This Week (8th March 2024)”
Source : PTI | Indian Oil Corporation Ltd (IOC) – the nation’s top oil firm – will in three months start manufacturing fuel used in adrenaline-pumping Formula One or F1, motor racing as it looks to expand its basket of niche fuels. IOC, which already has three branded fuels, including high-selling XtraGreen diesel, on Wednesday unveiled ‘Storm’ petrol that it will supply for the Asian region motorcycle road racing championship.
“Today, we are partnering with FIM Asia Road Racing Championship for the supply of ‘Storm’. We are the first company in India to manufacture fuel of specifications used in road racing,” IOC Chairman Shrikant Madhav Vaidya said.
Continue reading “IOC to make fuel for Formula 1; first by an Indian firm”
Source : PTI | India wants to expand its strategic partnership with South Korea into new areas like critical and emerging technologies, semiconductors and green hydrogen to make the bilateral ties more contemporary, External Affairs Minister S Jaishankar said on Wednesday. Jaishankar said this as he co-chaired the 10th India-South Korea Joint Commission Meeting (JCM) with his counterpart Cho Tae-yul in Seoul.
He said the two sides held a comprehensive and productive discussion on cooperation in the fields of defence, science and technology and trade.
Source : PTI | New Delhi: Rating agency Moody’s on Wednesday said it has affirmed Tata Motors’ Ba3 corporate family rating while maintaining a positive outlook on all ratings. Concurrently, Moody’s has also affirmed Tata Motors Ltd’s (TML) Ba3 senior unsecured instrument ratings, Moody’s Investors Service said in a statement.
As per Moody’s obligations rated ‘Ba’ are judged to have speculative elements and are subject to substantial credit risk with the modifier 3 indicating a ranking in the lower end of that generic rating category.
Continue reading “Moody’s affirms Tata Motors’ Ba3 corporate family rating”
Source : PTI | The government on Thursday said it has not extended the flagship scheme to promote electric mobility FAME-II beyond March 31, according to officials. The Ministry of Heavy Industries denied media reports claiming that the Centre has granted a temporary four-month extension to the scheme till July 31, with an outlay of INR 500 crore for the period.
Subsidies under the second phase of the FAME Scheme will be eligible for e-vehicles sold till March 31, 2024, or till the time funds are available, the Heavy Industries ministry stated last month. Continue reading “Govt denies reports of FAME-II extension beyond March 31: Officials”
(Reuters) – German automotive supplier Continental on Thursday flagged higher costs and a flat car market in 2024, providing an outlook for the current year that was in line with market expectations.
The company said it expects 500 million euros ($545 million) in additional costs due to wages this year, mostly at its automotive division where it announced thousands of layoffs last year. Continue reading “Germany’s Continental flags huge cost burden in 2024”
TOKYO, (Reuters) – Japan’s fair trade watchdog said on Thursday Nissan Motor had violated the subcontractor act by underpaying dozens of suppliers by about 3 billion yen ($20.26 million) in total.
The Japan Fair Trade Commission, which local media reported this week was investigating Nissan’s conduct, said the automaker had unlawfully deducted the amount from 36 suppliers over a roughly two-year period from January 2021. Continue reading “Japan’s fair trade watchdog says Nissan underpaid subcontractors”
SYDNEY, (Reuters) – Tesla said on Thursday it is quitting Australia’s major auto lobby and resigning from its board, accusing the group of misleading consumers over the government’s proposed fuel efficiency standards and the potential impact on car prices.
In a letter addressed to Australia’s Federal Chamber of Automotive Industries (FCAI), Tesla said the country’s biggest auto industry body “has repeatedly made claims that are demonstrably false.” Continue reading “Tesla quits Australia auto lobby over claims on car emission standards”
(Reuters) – Electric-vehicle startup Rivian faces a pivotal moment on Thursday when it unveils a new line of lower-priced models that are key to its future.
As worldwide demand for EVs cools and market leader Tesla has cut prices to boost demand, Rivian is banking on the arrival of its more modestly priced “R2” midsize SUV to have broader appeal than its stylish $70,000 electric pickups and $75,000 SUVs. Continue reading “EV maker Rivian faces turning point with debut of cheaper R2”
(Reuters) – U.S. retailers can drive wider adoption of electric vehicles across the country by installing more charging stations in parking lots, a move that could also add to their revenue, according to a study published by Consumer Reports on Wednesday.
Out of 270,000 store locations across major retail categories, EV charging was available on average at one out of every 14 big box store locations, one out of every 15 grocery stores, and one out of every 40 department stores, the study, opens new tab showed. Continue reading “US retailers can help EV adoption by adding more charging stations to parking lots”
PARIS, (Reuters) – A proposed joint venture that would allow world No. 4 automaker Stellantis to build and sell Leapmotor’s electric vehicles outside China has received approval from a Chinese regulator, according to two sources familiar with the matter.
China’s National Development and Reform Commission (NDRC) has given its approval for the joint venture, said one of the sources, adding that the deal is still waiting on regulatory approval in other markets. Continue reading “China gives green light to Stellantis-Leapmotor joint venture, sources say”
Summary
BERLIN/FRANKFURT, (Reuters) – Tesla on Wednesday said its plant in Germany was expected to have no electricity until March 17, after a suspected arson attack left the company’s gigafactory outside Berlin without power, forcing it to halt production. Continue reading “Tesla says German plant power outage to continue until end of next week”
(Reuters) – OpenAI on Tuesday hit back at Elon Musk’s claims that the startup abandoned its original mission with emails that showed the billionaire supported its plan to create a for-profit entity and wanted a merger that would make Tesla its “cash cow.”
Musk, one of the co-founders of OpenAI, filed a lawsuit last week, alleging the startup breached their founding agreement to develop artificial intelligence for the benefit of humanity, rather than for profit, by partnering with Microsoft. Continue reading “OpenAI hits back at Musk, says billionaire pushed for merger with Tesla”
Source : PTI | Delhi Transport Minister Kailash Gahlot on Tuesday inspected a prototype of a nine-metre mohalla bus at the Rajghat bus depot and travelled on it to attend the Assembly budget session. He said these mohalla buses have seats for 23 passengers and are designed for shorter routes within Delhi, serving as a vital mode of first and last-mile connectivity for commuters.
After inspecting the bus at the depot, he drove the vehicle around it. Later, he boarded the bus as a commuter to reach the Delhi Assembly.
More than 40 lakh bus trips are completed by commuters in Delhi daily using the 7,582 buses operated by the Delhi Government, the minister said. Continue reading “Delhi Transport Minister rides mohalla bus to Assembly”
Source : PTI | JSW Energy on Tuesday said its arm JSW Renew Energy Five has inked a battery energy storage purchase agreement (BESPA) for the first 250 MW/500 MWh standalone battery energy storage system. An energy storage system of 250 MW/500 MW means 250 MW of battery energy can provide power backup for two hours, giving a total output of 500 MW.
JSW Renew Energy Five Limited (JSW Renew Five), a wholly-owned subsidiary of JSW Neo Energy Limited (or JSW Neo) and step-down subsidiary of JSW Energy Limited (or The Company), has signed battery energy storage purchase agreement (BESPA) for the first project of 250 MW / 500 MWh standalone battery energy storage system out of the total awarded project capacity of 500MW /1,000MWh (two projects each of 250 MW / 500 MWh) with Solar Energy Corporation of India Limited (SECI), a company statement said. Continue reading “JSW Energy arm inks battery energy storage purchase pact”
Source : PTI | New Delhi: Popular Vehicles and Services Ltd, which is engaged in automotive dealerships, is set to launch its Initial Public Offering (IPO) on March 12. The initial share sale will conclude on March 14 and the bidding for anchor investors will open for a day on March 11, according to the Red Herring Prospectus (RHP).
The IPO comprises a fresh issuance of equity shares worth INR 250 crore and an Offer For Sale (OFS) of 1.19 crore equity shares by Banyantree Growth Capital II, LLC. Continue reading “Popular Vehicles and Services to float IPO on Mar 12”
Source : PTI | Battery maker Exide Industries Ltd on Wednesday said it has further invested nearly INR 40 crore in its wholly-owned arm advanced chemistry battery cells manufacturer Exide Energy Solutions Ltd. The investment of INR 39,99,99,975 has been made by way of subscription in the equity share capital of Exide Energy Solutions Ltd (EESL), on rights basis, said in a regulatory filing.
“With this investment, the total investment made by the company in EESL stands at INR 1,965 crore. There is no change in the shareholding percentage of the company in EESL pursuant to such an acquisition,” it added. Continue reading “Exide Industries further invests nearly INR 40 cr in advanced chemistry battery cells making arm”
WASHINGTON, (Reuters) – Republican U.S. Senator Marco Rubio on Tuesday proposed sharply boosting tariffs on Chinese vehicle imports by $20,000 to stop the country “from flooding U.S. auto markets,” Washington’s latest effort to protect American automakers and auto workers.
Rubio, top Republican on the Senate Intelligence Committee, said he is also proposing legislation to extend tariffs to vehicles produced by Chinese automakers in other countries like Mexico and limit subsidies for electric vehicles to those that meet stringent North American free trade rules. Continue reading “Senator Rubio seeks stiffer tariff to stop China ‘flooding US auto markets’”
BRUSSELS, (Reuters) – The European Commission plans to start customs registration of Chinese electric vehicle (EV) imports, meaning they could be hit by tariffs from that point if the EU’s trade investigation later concludes that they are receiving unfair subsidies.
The Commission is carrying out an anti-subsidy investigation into Chinese battery EVs to determine whether to impose tariffs to protect EU producers. The probe is due to conclude by November, although the EU could impose provisional duties in July. Continue reading “EU set to allow possible retroactive tariffs for Chinese EVs”
TOKYO, (Reuters) – Toyota Motor said on Tuesday it had reached an agreement with Panasonic Holdings to make one of their joint ventures the automaker’s wholly owned subsidiary.
The firm, Primearth EV Energy Co, plans to begin production of batteries for electric vehicles and plug-in hybrid vehicles on top of batteries for gasoline hybrid vehicles it already manufactures. Continue reading “Toyota to make battery venture with Panasonic wholly owned subsidiary”
SYDNEY, (Reuters) – BYD and other Chinese automakers are bringing new electric car models in droves to Australia, a market where they haven’t faced trade barriers and sales have surged due to EV subsidies and tax benefits as well as high gasoline prices.
Since coming to power in 2022, Prime Minister Anthony Albanese’s government has aggressively promoted EV adoption as part of the country’s plans to cut down on emissions – a change that came after a decade of weak climate action under conservative leaders. Continue reading “BYD spearheads Chinese electric car push in Australia, a friendlier market”
(Reuters) – A federal appeals court on Tuesday refused to hold five major technology companies liable over their alleged support for the use of child labor in cobalt mining operations in the Democratic Republic of the Congo.
In a 3-0 decision, the U.S. Court of Appeals for the District of Columbia ruled in favor of Google parent Alphabet, Apple, Dell Technologies, Microsoft and Tesla, rejecting an appeal by former child miners and their representatives. Continue reading “US court sides with Apple, Tesla, other tech companies over child labor in Africa”
BEIJING, (Reuters) – Chinese electric vehicle makers made a strong showing at the start of the country’s annual parliamentary meeting on Tuesday, bolstered by official recognition of their growing clout on the world stage as they asked for more regulatory support to become global brands.
When Yin Tongyue started Chery Automobile [RIC:RIC:CHERY.UL] 27 years ago, China’s auto industry was dominated by foreign companies and the prospect of Chinese people building their own cars was a pipe dream, he told reporters on the sidelines of the National People’s Congress (NPC), China’s rubber-stamp parliament. Continue reading “China’s EV bosses take spotlight at political meeting as priorities shift”
Summary
BERLIN/FRANKFURT, (Reuters) – Tesla’s European Gigafactory near Berlin has halted work until further notice after what CEO Elon Musk called an “extremely dumb” suspected arson attack nearby left it without power on Tuesday. Continue reading “Tesla Germany halts work as Musk calls suspected arson ‘extremely dumb’”
Source : PTI | Tata Sons Chairman N Chandrasekaran on Sunday said the conglomerate would continue to uphold the legacy of its founder Jamsetji Tata, and remain committed to the principles of integrity, innovation and social responsibility. Chandrasekaran was addressing a gathering at the Postal Park in Bistupur in Jharkhand’s Jamshedpur after paying homage to Jamsetji Tata on his 185th birth anniversary. He was accompanied by Tata Steel CEO and MD TV Narendran.
“Our founder, Jamsetji Tata, envisioned a future where industry would be a force for positive change, and it is with great pride that we continue to uphold his legacy. In this occasion, we reaffirm our commitment to the principles of integrity, innovation, and social responsibility that have guided us since our inception,” Chandrasekaran said. Continue reading “Tata group will remain committed to integrity, innovation, social responsibility: Chandrasekaran”
Source : PTI | New Delhi: A government-formed panel will examine requests from auto manufacturers seeking quarterly incentive payouts and inclusion of more components under the production-linked incentive scheme, according to an official on Monday. “This year, the incentive (under Auto PLI) will be given annually but a committee has been formed in the ministry that will look into the requests of OEMs (Original Equipment Manufacturers).
“One of the requests is that certain (Advanced Automotive Technology) AAT components be included. We have only 103 components,” Additional Secretary in the Ministry of Heavy Industries Hanif Qureshi said.
Source : PTI | German carmaker Mercedes-Benz expects India to become its third biggest market in its ‘Region Overseas’ over the next 2-3 years with demand anticipated to remain strong for luxury products, according to a senior company executive. The Region Overseas for Mercedes Benz comprises 118 countries, excluding North America, Europe and China.
India is the fifth largest market in the region after Japan, South Korea, Australia and Turkey. Continue reading “Expect India to be third largest market among 118 countries: Mercedes-Benz”
Source : PTI | The heavy industries ministry is examining requests seeking reduction in GST on flexible fuel vehicles (FFVs) from the current 28%, sources said. The ministry is in consultation with various stakeholders and other government departments. Once the consultations are completed, the ministry will submit a recommendation to its finance counterpart. Thereafter, the GST Council will take a decision on the issue, a senior official said.
“We have received representations seeking reduction in GST on flex fuel vehicles. We are conducting meetings on this issue to ascertain the views of various stakeholders and different ministries. But we are getting a mixed response. Some people say that GST and cess should be reduced on FFVs because the government is promoting their adoption. Currently FFVs attract GST rate of 28%, plus 15% cess,” the official added.
Continue reading “Heavy industries ministry weighs reduction of GST on flex fuel vehicles”
National, March 05, 2024: Eco Mobility, India’s premium car rental service provider, announced the launch of its corporate car rental services in 10 new cities in India. Increasing the geographical reach of corporate car rental services is part of the company’s overall expansion strategy, and the company hopes to cover 125 cities by the end of FY 2025. Currently, Eco Mobility offers its car rental services in 100+ cities in the country. Continue reading “Eco Mobility Expands its Rental Car Services to 10 New Cities”
(Reuters) – Google-backed EV infrastructure startup Gravity Mobility has opened the fastest charging solution in the United States to the public, as it looks to attract fleet customers.
Major fleet operators will have access to 24 of Gravity’s 500 kilowatt (kW) chargers in New York, Gravity said on Monday. The devices can charge at a rate of 2,400 miles of range per hour or 200 miles in five minutes. Continue reading “Gravity opens fastest EV charger in US to public in New York City”
(Reuters) – Ford Motor Co on Monday reported a 10.5% rise in U.S. sales for February, helped by sustained demand for family crossover SUVs, pickup trucks and hybrid vehicles.
Sales of Ford’s hybrid vehicles, which include electrified variants of its popular Maverick compact truck and Escape crossover, rose 32% to 12,045 units from a year ago. Sales of its SUVs were up about 22% to 76,403 units. Continue reading “Ford’s US auto sales rise 10.5% in February on SUV, hybrid demand”
BEIJING, (Reuters) – China’s leading electric vehicle (EV) maker BYD on Monday launched a new version of its best-selling car at a price lower than the final price of its discontinued predecessor, as a price war rages in the world’s largest automobile market.
BYD has already set lower launch prices for a slew of models as EV rivals including domestic peer Geely Auto and U.S. champion Tesla likewise introduce incentives to woo customers in a cooling market. Continue reading “China’s BYD prices new version of best-selling EV lower than predecessor”
SAN FRANCISCO, (Reuters) – Shares in Tesla fell more than 7% on Monday after its sales declined in February in China, where it likely faced a slowdown during the Lunar New Year holidays.
The fall in sales in its key market dimmed the outlook for Tesla’s global deliveries, at a time when the top EV maker is battling a decline in demand and rising competition, and is weighed down by a lack of entry-level vehicles and the age of its product line-up. Continue reading “Tesla shares skid after China sales fell to the lowest level in over a year”
WOLFSBURG, Germany, (Reuters) – Volkswagen will not consider a stock market listing for its battery unit until its factories are up and running and its unified battery cell is in use, the division’s boss told Reuters, essentially ruling out a possible IPO before 2026.
Thomas Schmall’s comments provide the best indication so far for when Europe’s top carmaker may float its PowerCo battery business on the stock exchange, as a follow-up to bringing in an outside investor or entering strategic partnerships with other cell manufacturers. Continue reading “Exclusive: VW battery unit rules out IPO until factories running, unified cell in use”
Source : PTI | New Delhi: The Delhi government allocated INR 500 crore for the Delhi Metro in its 2024-25 Budget tabled on Monday, with Finance Minister Atishi saying in the assembly that more than 60 lakh people commute on the service every day. In 2014, around 24 lakh passengers used the urban transporter daily, Atishi said.
Presenting the 2024-25 Budget with a total outlay of INR 76,000 crore, Atishi said providing good public transportation facilities to every resident of Delhi is the responsibility of the government.
Source : PTI | Tata Sons Chairman N Chandrasekaran on Sunday said the conglomerate would continue to uphold the legacy of its founder Jamsetji Tata, and remain committed to the principles of integrity, innovation and social responsibility. Chandrasekaran was addressing a gathering at the Postal Park in Bistupur in Jharkhand’s Jamshedpur after paying homage to Jamsetji Tata on his 185th birth anniversary. He was accompanied by Tata Steel CEO and MD TV Narendran.
“Our founder, Jamsetji Tata, envisioned a future where industry would be a force for positive change, and it is with great pride that we continue to uphold his legacy. In this occasion, we reaffirm our commitment to the principles of integrity, innovation, and social responsibility that have guided us since our inception,” Chandrasekaran said. Continue reading “Tata group will remain committed to integrity, innovation, social responsibility: Chandrasekaran”
Source : PTI | New Delhi: A government-formed panel will examine requests from auto manufacturers seeking quarterly incentive payouts and inclusion of more components under the production-linked incentive scheme, according to an official on Monday. “This year, the incentive (under Auto PLI) will be given annually but a committee has been formed in the ministry that will look into the requests of OEMs (Original Equipment Manufacturers).
“One of the requests is that certain (Advanced Automotive Technology) AAT components be included. We have only 103 components,” Additional Secretary in the Ministry of Heavy Industries Hanif Qureshi said.
Source : PTI | New Delhi: Nayara Energy, India’s largest private fuel retailer, saw petroleum product exports drop by 10% in 2023 as it supplied more products domestically to meet the fuel demands of a growing economy, sources said. Nayara, which operates a 20 million tonne a year oil refinery at Vadinar in Gujarat and a network of over 6,500 petrol pumps, exported 6.21 million tonne of petroleum products, including jet fuel, gasoil (diesel) and gasoline (petrol) between January 2023 and December 2023, down 10% year-on-year.
This was primarily because of larger consumption at home. The company is catering to the domestic market through institutional business, sales to other oil companies and its own retail chain. Continue reading “Nayara Energy exports drop 10% in 2023 as domestic demand surges”
BEIJING, (Reuters) – China’s leading electric vehicle (EV) maker BYD on Monday launched a new version of its best-selling car at a price lower than the final price of its discontinued predecessor, as a price war rages in the world’s largest automobile market.
BYD has already set lower launch prices for a slew of models as EV rivals including domestic peer Geely Auto and U.S. champion Tesla likewise introduce incentives to woo customers in a cooling market. Continue reading “China’s BYD prices new version of best-selling EV lower than predecessor”
SAO PAULO, (Reuters) – Japanese auto maker Toyota will announce on Tuesday an 11 billion real ($2.2 billion) investment for the next few years in Brazil, the South American country’s vice-president said on Sunday.
Toyota said in a statement earlier on Sunday, after local media had first reported the new investments, it had no comment on potential future plans. Continue reading “Toyota to invest $2 billion in Brazil, says Brazilian vice-president”
